What is the ruling on contracting in US dollars or euros to cover design tasks, with accounting in Egyptian pounds at the foreign currency exchange rate on the day of accounting?
If the wage is agreed upon in dollars or euros, it is permissible, at the time of payment (and not before), to agree to pay in another currency at its value on that day. This is considered a permissible exchange (sarf) in cash and credit according to the majority of scholars. However, a prior agreement that the wage be in one currency and the payment in another is not permissible because it is considered a deferred exchange (sarf mu'ajjal), which is usury (riba). Therefore, the wage must be either in Egyptian Pounds, or in dollars or euros, and the employee should receive their due in that currency without being forced to accept it in Egyptian Pounds.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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